The Italian luxury fashion group Ermenegildo Zegna achieved a turnover of €1.917 billion in 2025, a slight organic growth that is entirely attributable to direct sales. Wholesale is passé, says the founder of the same name.
“Retail is the future”
“The future lies increasingly in retail and less in wholesale,” said Ermenegildo “Gildo” Zegna bluntly when announcing the preliminary annual figures. In 2025, turnover rose by only 1.1%, but this was mainly due to the collapse in wholesale sales. Growth was therefore driven by the direct-to-consumer (DTC) channel, which rose by 10%.
